by Jonathan Decker
This week, the Department of Commerce released its preliminary estimate of how the U.S. economy performed in the 2nd quarter of 2017. Here’s what you need to know:
So where does this leave us? In need of a shot of economic adrenaline.
As I noted in my first National Pulse column, President Trump inherited an economy that was crawling. Six months into his administration, it’s no surprise that economic growth remains scarce — this is still Obama’s economy.
Remembering this is key as we head into what is sure to be a contentious debate on Capitol Hill over tax cuts. Despite record-high closings in the stock market since Trump’s inauguration, wage gains and GDP growth still remain elusive.
With this in mind, one would hope that Congress will convene with a unified sense of purpose, and even urgency, when tackling America’s inefficient and outdated tax code. America’s economy has been stuck in second gear for the past two presidential administrations, but the buck can stop with President Trump.
Trump has made it clear that enacting pro-growth tax reform is central to his plan to Make American Great Again. One prominent proposal to restore American competitiveness via tax cuts comes from Larry Kudlow, Stephen Moore, Arthur Laffer, and Steve Forbes who have proposed 3 easy pieces for tax reform including:
With economic growth remaining at an anemic 2 percent, Congress must take bold action to right our economic ship and unleash prosperity.
Photo credit: Ken Teegardin via Flickr, CC BY-SA 2.0